Residuals

May 22, 2008

  1. randyteee
    Offline

    randyteee New Member

    Posts:
    3
    Likes Received:
    0
    Hi! My name is Randy and I am very new to the life insurance business. If anybody can tell me if brokers pay residuals on term life? The broker I am working with will pay about 70% of first years premium. No residuals. Is there a broker with multiple carriers that pay residuals after the first commission? Can anyone PM me? Thankx in advance...
     
  2. somarco
    Offline

    somarco That Medicare Expert Guy

    Posts:
    29,031
    Likes Received:
    2,633
    State:
    Georgia
    No renewal comp on term.

    70% is low, unless you are brand new. If you have been in the business a year or longer you should be able to get 90%+
     
    somarco, May 22, 2008
    #2
  3. joshril
    Offline

    joshril Guru

    Posts:
    1,326
    Likes Received:
    3
    State:
    Oregon
    You are getting reamed at 70%... What carriers are you appointed with?
     
    joshril, May 22, 2008
    #3
  4. randyteee
    Offline

    randyteee New Member

    Posts:
    3
    Likes Received:
    0
    AIG, Hartford, Metlife, Etc... It is about 70-85%. What I am interested is the residuals. Is it only P & C that you get residuals on? Any info would help tremendously. Please advise.
     
  5. David C
    Offline

    David C Guru

    Posts:
    480
    Likes Received:
    2
    Randy,

    There are a few companies that pay renewals on term. Illinois Mutual is one that does. You can contract direct with the company.

    Renewals on whole life are pretty good.

    In my opinion, if you are not getting renewals on term you should at least be eligible for some sort of five or ten year bonus on your term persistentcy.
     
    David C, May 22, 2008
    #5
  6. Mark
    Offline

    Mark Guru

    Posts:
    7,927
    Likes Received:
    30
    State:
    Georgia
    I think your getting ripped off and should going looking for another company.
     
    Mark, May 23, 2008
    #6
  7. randyteee
    Offline

    randyteee New Member

    Posts:
    3
    Likes Received:
    0
    Thank you all. I will do more research on this. Can anyone point me to a company that has multiple carriers and pays good commission? Your help would be greatly appreciated as I am new to this insurance business.
     
  8. teambuilder
    Offline

    teambuilder Expert

    Posts:
    27
    Likes Received:
    0
    BYSIS... but your business may never issue
     
  9. joshril
    Offline

    joshril Guru

    Posts:
    1,326
    Likes Received:
    3
    State:
    Oregon
    I have some better sources than Bisys (aka Crump)... feel free to PM me.
     
    joshril, Oct 14, 2008
    #9
Loading...
Similar Threads
  1. kamp
    Replies:
    4
    Views:
    1,440